Free trade agreements remain a puzzle.

• Position: Import/Export

Some 70% of companies are not utilizing foreign trade agreements fully, which means they likely are paying more than necessary in tariffs and duties, according to a survey of trade specialists from multinational corporations. Survey respondents indicate that the biggest challenges facing their companies' trade-related activities are manual processes, disparate systems, and managing complex and changing regulatory requirements. The survey, conducted by Thomson Reuters and KPMG International, elicited responses from 446 corporate trade specialists in 11 countries.

'The survey shows that many corporate trade operations teams are struggling to meet complex compliance requirements using inefficient manual processes that can expose their companies to risk, consume time and resources, and don't leave time for activities that directly impact the bottom line," says Taneli Ruda, managing director of Reuters OneSource Global Trade. 'The right technology can eliminate redundant work and empower trade teams to better compare and contrast tariff schedules between countries and take on a more strategic role in planning and operating a global supply vision for their organizations."

Adds Doug Zuvich, senior global lead partner in U.S. Trade and Customs at KPMG LLP: 'The survey results point to the changing landscape in global trade. The global supply chain is being redefined. The life cycle of today's products continues...